Toronto Real Estate News by Paul Chan

Hi there,

Please welcome Ellen Li to the Modern Family Realtor team as our new Marketing Manager. Feel free to reach out this month to get your free marketing and listing consultations if you are planning to sell or buy a home in 2017.

If you’re planning on a renovation, you’ll want to make sure to prepare in advance at it’ll likely get a bit messy and chaotic. This month’s article offers some advice on how to plan your renovation so that things will go as smoothly as possible.

Thanks so much for checking out this month’s newsletter. Please get in touch if you have any questions or comments regarding the articles, or real estate in general — it’d be great to hear from you!

The Modern Family Team is Growing!

Modern Family Realtor is proud to announce the addition of Ellen Li as our new Marketing Manager. Ellen has a strong background in marketing from Rotman Commerce at the University of Toronto.

She has assisted many organizations grow their marketing and social media platform with strong results. Feel free to connect with Ellen if you are interested in getting your own customized marketing plan for your property in 2017!

Book a free consult with Modern Family Realtor and receive a free $25 Tim’s card. Looking to buy a home in 2017? Read below to see what industry experts are predicting for Toronto.

(Article via Tess Kalinowski, thestar.com)Interest rates

The inching up of interest rates and more stringent mortgage rules are among the factors that could play a role in tempering sales in the hot Toronto region market, says Jason Mercer, director of market analysis for the Toronto Real Estate Board (TREB).

Those influences could be enough for some households to put a home purchase on hold. But Mercer says most consumers will look for other choices in order to pursue their home ownership dreams.

“If you were thinking of buying a single detached home in Toronto, maybe now you’re looking at purchasing in one of the surrounding regions or you’re going to change both your home type and the geography you’re looking for,” he said.

The Trump effect

Bond yields have already risen, leading to those marginally higher mortgage rates.

But whether the inauguration of Donald Trump will ripple into the housing market is all part and parcel of the global economy, said Mercer.

“Obviously any factor that could affect the economy from a positive or negative perspective has to be taken into account,” he said.

Modern Family Realtor is proud and privileged to announce that we donated $2,500 to over 50 local charities! We would like to thank all of the charities, volunteers and clients who participated in this year’s Modern Family Realtor Charity Gives Back Campaign!

If you’re planning on selling your home, it’s important to be aware of some common mistakes that sellers often fall victim to. This month’s feature article discusses what not to do when selling your home.

There’s also some advice on how to spot online scams that are so popular during the holiday season as well as a few tips on how to avoid the flu.

Thanks so much for checking out this month’s newsletter. Please get in touch if you ever have any questions or comments. In the meantime, here’s wishing you all the best during the holiday season!

Paul Chan

A special acknowledgement to Save Me Rescue who generated the most votes. Here are the top 5 charities that you voted for.

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 8,547 home sales through TREB’s MLS® System in November 2016. This result represented a 16.5 per cent increase compared to November 2015.

For the TREB market area as a whole, sales were up on a year-over-year basis for all major home types. The strongest annual rates of sales growth were experienced for the townhouse and condominium apartment segments.

“Home buying activity remained strong across all market segments in November. However, many would-be home buyers continued to be frustrated by the lack of listings, as annual sales growth once again outstripped growth in new listings. Seller’s market conditions translated into robust rates of price growth,” said Mr. Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 20.3 per cent compared to November 2015. The average selling price at $776,684 was up by 22.7 per cent on a year-over-year basis.

“Recent policy initiatives seeking to address strong home price growth have focused on demand. Going forward, more emphasis needs to be placed on solutions to alleviate the lack of inventory for all home types, especially in the low-rise market segments,” said Jason Mercer, TREB’s Director of Market Analysis.

Skate by the Lake this New Years Eve!

The Harbourfront Centre’s family-friendly New Year’s Eve Skating Party is a great place to ring in 2017!

New Year’s Eve on the Natrel Rink will be a musical cornucopia of skate friendly tunes served by DJ P-Plus including R&B, old school hip hop, soul, top 40 and much more!

Details are still being announced but Nathan Philip’s Square is another fun place to head to as there will be skating and then later on live entertainment on the main stage. The entertainment will likely then be followed by a dazzling fireworks display.

Whatever you decide to do this New Year’s Eve, here’s wishing you a very happy and healthy 2017!

Sellers Behaving Badly

There are various emotional side effects to selling your home.

Mistakes mean your home will sit on the market longer and eventually sell for less. Try and get it right the first time by avoiding the following:

Overpricing – Home sellers are often tempted to price their home way above market value but this tactic usually backfires. The longer a home sits on the market, the more of a stigma it’ll develop.

Restricted Access – It’s easy for buyers to skip your home if it’s not easily accessible. The goal is to show your home to as many people as possible so using a lockbox is key, pardon the pun

Hanging Around – Owners should always leave before a showing so buyers can browse without distractions. If a buyer can make themselves feel at home, they’ll be better able to envision themselves living there.

Poor Staging – You may love the statement your pink bathroom makes but odds are others won’t so consider a more neutral shade. Also, make sure to get rid of excess clutter and take care of any outstanding repairs to portray pride of ownership.

Going It Alone – Selling your home can be an overwhelming experience. A real estate agent’s job is not only to expose your home to the masses but also to act as a 3rd party negotiator to help you get the highest price in the shortest amount of time.

Your home is most likely your biggest asset so when you decide to sell, it’s important that you do it right. Viewing the sale of your home as a business transaction and putting aside any emotional ties you may have is a great start to ensuring you sell your home quickly, easily and for top dollar!

Shopping Scams are Coming To Town

Make sure to be on high alert for online scams this holiday season.

It’s convenient to shop online from the comfort of your home during this busy time of year but the hectic holiday season is also a popular time for cybercriminals. Here are a few scams to be aware of:

Delivery Details – Be wary of emails claiming “you have a parcel delivery but your address needs to be verified” as it’s likely a scam.

The Hot Ticket – Desperate shoppers eager to score hot holiday gifts are easy prey for cybercrooks who set up legitimate looking websites that show the popular item in stock.

Fake Shopping Apps – Fake retail and product apps designed to steal your personal or financial details are increasingly common and hard to recognize as they closely resemble popular brands.

Holiday eCards – Don’t open eCards if you’re not sure who they’re from. Instead of a warm holiday greeting, it could be a cyber scammer whose gift comes in the form of a virus or spyware.

Unfortunately, there are many people out there who aren’t thinking about holiday cheer and goodwill to all. Keep yourself safe by updating your antivirus software, visit only trusted, secure sites and never open messages from people you don’t know.

Forgotten Flu Spots

Your home could be a breeding ground for the flu.

It’s no fun having the flu, especially during the holidays, so it’s important to clean shared spaces and frequently touched surfaces. Here are a few spots to focus on:

smartphones & tablets

computer keyboard & mouse

light switches and remote controls

door knobs and handles on appliances and cupboards

car steering wheel, seat belts and shifter

Washing your hands with soap and water is the best way to fight germs but regularly sanitizing common germ infested hot spots is also key. Remember to keep the hand sanitizer on hand (pardon the pun ) and hopefully you’ll be able to avoid the flu this year!

MFR Real Estate Update – November 2016

Hot Toronto Market Continues Into The Fall Season

The Toronto Real Estate Board (TREB) reported 9,902 sales in September with a large increase of 21.5% in resale transactions. The average selling price was up to $755,755 up 20.4% year over year compared to September 2015. All four major type of properties witnessed strong annual volume and price gains as follows: (as per the Toronto Real Estate Board)

Detached homes +22.1% Volume Gain +23.6% Price Gain

Semi-detached homes +10.6% Volume Gain +18.8% Price Gain

Townhomes +19.7% Volume Gain +21.8% Price Gain

Condos +26.7% Volume Gain +9.3% Price Gain

If you are thinking of buying, selling or investing please contact me for a free consultation and receive a $25 Tim’s Card courtesy of Modern Family Realtor.

Modern Family Realtor Charity Gives Back Campaign

“We are privileged and honoured to be able to support our local community through our charity gives back campaign this Fall.” Paul Chan Founder of Modern Family Realtor.

Modern Family Realtor hits a milestone $13 million in sales! To celebrate we are donating thousands of dollars on behalf of all our followers as part of our Modern Family Charity Gives Back Campaign. Click the link below and we will donate $20 on your behalf to your favourite charity! Please share with friends and family so we can donate more to these great causes!! #MFRealtor#GivesBackCampaign

The 519 is a special organization in our hearts that brought our family together. They helped us out 15 years ago when I met Ewan and they assisted me in sponsoring him to become Canadian. Then 11 years later through the Dada’s and Papa’s class the 519 provided us with the resources for us to bring our beautiful daughter Jasmine into our lives.

New Land Transfer Tax Rebate and Update on Mortgage Rates

We have some good news and bad news for first time home buyers. On the positive note the provincial government has increased the land transfer tax rebate to first time home buyers to $4,000. This will be implemented on January 1, 2017 and will help significantly for your closing costs.
On the negative side with bond yields going up after Donald Trump was elected President, mortgage rates are now on the rise. Major banks like RBC and TD have already raised interest rates on their fixed term rates. Please contact one of our mortgage advisors to lock in rates before they go up higher!

As your real estate sales representative and former accountant I can assist you with any of your financial and real estate questions including creating a budget, RRSP Home Buyer’s Plan, Listing presentation, CMA, Buyer/Listing presentation and Income Taxes. Please contact me at 416-705-2444 to book a free consultation or visit our website for more information and listings at www.modernfamilyrealtor.ca.